Network security solutions provider Palo Alto Networks has signed a lease for an engineering office in Bengaluru, in what would be one of the largest office space deals in the country amid the second Covid-19 wave. The 150,000-sq ft office space will come up in Bagmane Tech Park, they said, adding that the property is under fit-out right now and will be operational by the end of this year.

"The US-based firm will pay a rent of Rs 95 per sq ft and will occupy it in two phases," they said. It will be the cybersecurity company’s second engineering office outside the US. The other is in Israel.

Palo Alto Networks could not be reached immediately for comment. The deal comes at a time when the country’s commercial real estate sector is facing significant headwinds, with the second Covid-19 wave weighing heavily on office space absorption.

The uncertainty over business outlook amid a resurgence of Covid-19 infections has resulted in office occupiers postponing their decisions to expand their portfolio.

Palo Alto Networks, Inc. is an American multinational cybersecurity company with headquarters in Santa Clara, California.

Its core products are a platform that includes advanced firewalls and cloud-based offerings that extend those firewalls to cover other aspects of security. The company serves over 70,000 organizations in over 150 countries, including 85 of the Fortune 100. It is home to the Unit 42 threat research team and hosts the Ignite cybersecurity conference. In 2018, Palo Alto Networks was listed 8th in the Forbes Digital 100.